Answered: What type of return privileges are…

What type of return privileges are being used by buyers who accept merchandise from sellers but only pay for it if it sells? • On specification On cancellation ⚫ On memorandum • On consignment

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17MC: Which of the following is not a characteristic of FOB Destination? A. The seller pays for shipping....

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Question

What type of return privileges
are being used by buyers who
accept merchandise from sellers
but only pay for it if it sells? • On
specification On cancellation ⚫
On memorandum • On
consignment

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Similar questions

Which of the following is not a characteristic of FOB Destination? A. The seller pays for shipping. B. The seller owns goods in transit. C. The point of transfer is when the goods leave the sellers place of business. D. The point of transfer is when the goods arrive at the buyers place of business.
Question in picture :)
Multiple choice
Requirement a. What are the accounting requirements for a correct sales cutoff? A. A shipment should be recorded as a sale when the risks of ownership transfer to the buyer and collectability is reasonably assured. B. A shipment should be recorded as a sale when the merchandise is shipped. C. A shipment should be recorded as a sale when the payment for the merchandise has beeb received by the seller. D. A shipment should be recorded as a sale when the merchandise is received by the purchaser.
SLO-5.2. Using the term means that the buyer will pay the freight charges of the merchandise to the buyer's place of business. OFOB Shipping Point OFOB Destination OTrade Discount OQuantity Discount
Which of the following is not a characteristic of FOB Shipping Point? A. The buyer pays for shipping. B. The buyer owns goods in transit. C. The point of transfer is when the goods leave the sellers place of business. D. The point of transfer is when the goods arrive at the buyers place of business.
Who owns the goods in transit under FOB destination? * buyer O seller either buyer or seller O none
Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers in return for early payment. 2. The amount of time allowed by a seller before payment is due from the buyer. 3. Time period in which a cash discount is available. 4. Refers to credit terms where goods in transit are owned by the seller. 5. Refers to credit terms where goods in transit are owned by the buyer. 6. Calculated as net sales minus cost of goods sold. 7. A current asset that includes the cost to buy goods and make them ready for sale. 8. Purchaser's description of a cash discount received from a supplier of goods.
Freight on Board (FOB) shipping point requires that the seller pays the shipping cost.. True or False
If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms are a. consigned b. n/30 c. FOB shipping point d. FOB destination
If the sale includes the seller paying the freight costs and assuming the responsibility for merchandise until it is received by the buyer, the freight terms are said to be: A FOB shipping point. В FOB destination. (c) sales discount. D) trade discount.
True or false 1. The sellers and buyers are required to record trade discounts 2. If the ownership of the merchandise passes to the buyer when the seller delivers the merchandise for shipment, the terms are stated as FOB destination